IPO Details

Bidding Dates

25 Sep '25 - 29 Sep '25

Minimum Investment

₹14,880/ 1 Lot (30 Shares)

Price Range

₹472 to ₹496

Maximum Investment

₹1,93,440/ 13 Lot (390 Shares)

Retail Discount

NA

Issue Size

₹839.28 Cr

Investor category and sub category

Retail Individual Investors (RII)  |   Non-institutional Investors (NII)  |   Qualified Institutional Buyers (QIB)  |  

Trualt Bioenergy IPO Important Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Sep 25, 25

IPO Closing Date

Sep 29, 25

Basis of Allotment

Sep 30, 25

Initiation of Refunds

Oct 01, 25

IPO Listing Date

Oct 03, 25

Trualt Bioenergy IPO Subscription Details

DateQIBNIIRetailTotal

Day 1Sep 24, 2025

 0.89 0.25 0.31 0.46

Day 2Sep 25, 2025

 0.90 0.83 0.82 0.84

Trualt Bioenergy IPO Details

Trualt Bioenergy IPO is a book-built issue worth ₹839.28 crore. The issue is a mix of fresh issue of 1.51 crore shares aggregating to ₹750.00 crore and an offer for sale (OFS) of 0.18 crore shares, raising up to ₹89.28 crore. The IPO will open for subscription on September 25, 2025, and close on September 29, 2025.

The basis of allotment is expected to be finalised on September 30, 2025, with tentative listing scheduled on BSE and NSE for October 03, 2025. The price band for the Trualt Bioenergy IPO has been fixed between ₹472 to ₹496 per share.

Investors can bid for Trualt Bioenergy IPO with a minimum of 1 lot of 30 shares. For retail investors, the minimum investment required is ₹14,880. For small non-institutional investors (sNII), the lot size stands at 14 lots, equal to 420 shares, amounting to ₹2,08,320. For big non-institutional investors (bNII), the lot size is 68 lots, which translates to 2,040 shares, requiring an investment of ₹10,11,840.

Dam Capital Advisors Ltd is the book running lead manager (BRLM) and Bigshare Services Pvt Ltd is the registrar of the issue. Detailed information is available in the Trualt Bioenergy IPO RHP.

Trualt Bioenergy IPO Objectives

The company will deploy the funds from the public issue towards following:

  • Financing capital expenditure requirement for establishing multi-feed stock operations to pave-way for utilising grains as an additional raw material in ethanol plant at TBL Unit 4 of 300 KLPD capacity.
  • Funding working capital requirements of the company
  • General Corporate Purposes

About Trualt Bioenergy Limited

Incorporated in 2021, Trualt Bioenergy Limited is a leading player in India's biofuel sector, with a strong emphasis on ethanol production. With an installed capacity of 2,000 kilo litres per day (KLPD), the company ranks among the largest ethanol producers in the country. As of Fiscal 2025, Trualt commands approximately 3.6% of India’s total ethanol production capacity.

The company's operations span ethanol manufacturing and the production of compressed biogas (CBG). As of March 31, 2025, its subsidiary, Leafinity, operates a CBG production plant with a capacity of 10.20 tonnes per day (TPD). To scale up its presence in the CBG segment, Trualt has signed Memorandums of Understanding (MoUs) with a Japanese gas company and Sumitomo Corporation Asia & Oceania Pte. Ltd., signaling its intent for strategic collaboration and capacity expansion.

As per the latest Red Herring Prospectus (RHP), the company operates five distillery units in Karnataka, four of which utilize molasses and syrup-based feedstocks.

Looking ahead, Trualt Bioenergy plans to diversify its portfolio by venturing into second-generation ethanol, sustainable aviation fuel (SAF), and high value biochemicals such as Mevalonolactone (MVL) and its allied derivatives.

With a steadfast commitment to innovation, efficiency, and customer satisfaction, Trualt Bioenergy Limited continues a strong growth trajectory, setting new benchmarks in the online fresh meat delivery industry.

Industry Outlook

  1. India’s energy demand is growing rapidly, positioning the country as a major influencer in the global energy market. Significant strides in electrification, clean cooking access, and renewable energy integration are shaping a more sustainable energy landscape.
  2. According to BP’s Energy Outlook 2024, India’s primary energy demand is projected to nearly double between 2022 and 2050. By 2050, India is expected to represent about 13% of global primary energy consumption, up from just over 7% in 2022.
  3. Ethanol has emerged as the dominant biofuel in India, significantly bolstered by the Ethanol Blending Program (EBP), which targets 20% ethanol blending in petrol by ESY 2025-26. Beyond fuel blending, growing demand from sectors like alcohol, pharmaceuticals, cosmetics, SAF, and bioplastics is expected to further drive ethanol market growth.
  4. While ethanol currently dominates the Indian biofuel market, followed by CBG and biodiesel, government-led initiatives aimed at achieving net-zero emissions are expected to catalyze growth in emerging biofuels such as sustainable aviation fuel (SAF) and other renewable alternatives.

How To Apply for the Trualt Bioenergy IPO Online?

  1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
  2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
  3. Select IPO: Find and select the Trualt Bioenergy IPO from the list of open IPOs.
  4. Enter the Lot Size: Specify the number of lots you want to bid for.
  5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
  6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

How To Check the Allotment Status of Trualt Bioenergy IPO?

Steps to check IPO allotment status on Angel One’s app:

  1. Log in to the Angel One app.
  2. Go to the IPO Section and then to IPO Orders.
  3. Select the individual IPO that you had applied for and check the allotment status.
  4. Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of Trualt Bioenergy IPO

Survey No. 166, Kulali Cross, Jamkhandi Mudhol Road, Bagalkot – 587313, Karnataka, India

Phone: 080 2325 5000

E-mail: cs @trualtbioenergy.com

Trualt Bioenergy IPO Reservation

Investor Category

Shares

QIB Shares Offered

Not more than 50% of the Offer

Retail Shares Offered

Not less than 35% of the Offer

NII Shares Offered

Not less than 15% of the Offer

Trualt Bioenergy IPO Lot Size Details

Application

Lots

Shares

Amount

Retail (Min)

1

30

₹14,880

Retail (Max)

13

390

₹1,93,440

S-HNI (Min)

14

420

₹2,08,320

S-HNI (Max)

67

2,010

₹9,96,960

B-HNI (Min)

68

2,040

₹10,11,840

Trualt Bioenergy IPO Promoter Holding

The promoters of the company are Vijaykumar Murugesh Nirani, Vishal Nirani and Sushmitha Vijaykumar Nirani.

Share Holding Pre-Issue

88.20%

Share Holding Post Issue&nbsp

70.55%

Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.

Key Performance Indicators for Trualt Bioenergy IPO

KPI

Value

ROE (%)

27.04

ROCE (%)

11.38

EBITDA Margin (%)

13.78

PAT Margin (%)

4.65

Trualt Bioenergy IPO Prospectus

Trualt Bioenergy IPO Registrar and Lead Managers

Trualt Bioenergy IPO Lead Managers

  • Dam Capital Advisors Ltd

Registrar for Trualt Bioenergy IPO

Bigshare Services Pvt Ltd

  • Contact Number: +91 22 62638200

Email Address: ipo@bigshareonline.com

Financial Performance of Trualt Bioenergy Limited

Particulars Year ending on March 31, 2025 (Standalone) Year ending on March 31, 2024 (Consolidated) Year ending on March 31, 2023 (Consolidated)
Revenue from Operations (in ₹ lakhs) 76,238.03 1,22,340.47 1,90,772.40
Profit/loss After Tax (in ₹ lakhs) 3,545.99 3,180.79 14,663.85
PAT Margin (%) 4.65 2.60 7.69
EBITDA (in ₹ lakhs) 10,504.65 18,808.51 30,914.37
EBITDA Margin (%) 13.78 15.37 16.20
Net Worth (in ₹ lakhs) 24,049.47 26,460.66 76,899.90
Return on Equity (%) 27.04 10.27 28.27

Know before investing

Strengths

8

  1. Recognised as the largest ethanol producer in India with the highest installed capacity as of March 31, 2025.

  2. Assured supply of raw materials, sourced primarily from sugar manufacturing entities within its Promoter Group.

  3. Expanded rapidly in CBG production, positioning us among India’s leading bio-CNG producers.

  4. Entered into agreements for Ethanol-to-Jet technology, enabling production of Sustainable Aviation Fuel (SAF).

  5. Set up biofuel dispensing stations to expand direct-to-consumer biofuel retail.

  6. Integrated and scaled, leveraging a robust internal network for raw material generation.

  7. Pursued growth through strategic partnerships and acquisitions, broadening market presence and product portfolio.

  8. Positioned to capture industry tailwinds amid significant growth expected in the ethanol and biogas markets.

Risks

8

  1. The company is mainly dependent on ethanol sales, exposing the business to price and demand fluctuations.

  2. Impacted by changes in Government of India policies, which could affect revenue and operations.

  3. Commenced ethanol production recently, with risks related to business transfer agreements and their anticipated benefits.

  4. Faced legal and regulatory issues due to previous equity share allotments, which have been compounded and settled.

  5. Operated production units concentrated in one location, making the business vulnerable to operational disruptions.

  6. Relied on a few key customers, especially oil marketing companies, whose loss or reduced demand could adversely impact business.

  7. Entered into supply contracts with promoter group entities, with risks related to termination or non-renewal affecting raw material availability.

  8. Experienced encumbrance on promoter shares, which, if exercised, could dilute promoter and overall shareholder stakes.

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Trualt Bioenergy Limited Peer Comparison

Competitor Face Value EPS P/E Ratio RoNW
TruAlt Bioenergy Limited 10 20.94 [●] 19.07
Balrampur Chini Mills Ltd 1 21.65 23.89 11.51
Triveni Engineering & Industries Ltd 1 10.88 33.07 7.66
Dalmia Bharat Sugar & Industries Ltd 1 47.78 7.75 11.96

Trualt Bioenergy IPO FAQs

What is the Trualt Bioenergy IPO?

Trualt Bioenergy IPO is a book-built issue IPO. It runs from September 25, 2025, to September 29, 2025.

When will the Trualt Bioenergy IPO be allotted?

The Basis of Allotment will happen on Tuesday, September 30, 2025.

When will the Trualt Bioenergy IPO open for subscription?

The IPO subscription window will open on September 25, 2025.

What minimum lot size can retail investors subscribe to?

The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 30 shares.

When will the Trualt Bioenergy IPO list on exchanges?

The listing date for Trualt Bioenergy IPO is Friday, October 03, 2025.

What is the issue size of the Trualt Bioenergy IPO?

The issue size of the Trualt Bioenergy IPO is ₹839.28 crore.

What are the open and close dates of the Trualt Bioenergy IPO?

The open and close dates for Trualt Bioenergy IPO are from September 25, 2025, to September 29, 2025.

What would be the listing gains on the Trualt Bioenergy IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

When will I know if my Trualt Bioenergy IPO order is placed?

You will receive a notification once your order is successfully placed with the exchange after the bidding starts.

Who is the registrar of Trualt Bioenergy IPO?

Bigshare Services Pvt Ltd is the registrar responsible for managing the IPO allotment process and handling investor queries.

Where is the Trualt Bioenergy IPO getting listed?

The Trualt Bioenergy IPO is proposed to be listed on the BSE and NSE.

How to increase your chances of getting an Trualt Bioenergy IPO allotment?

  1. Multiple Submissions: Use different Demat accounts to make multiple applications.
  2. Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
  3. Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.

How do I approve the UPI mandate request for the Trualt Bioenergy IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate. 

Can I submit more than one application for the public issue of Trualt Bioenergy IPO using one PAN?

You can submit only one application using your PAN card. 

How to read Trualt Bioenergy Limited's financial statements?

To read Trualt Bioenergy Limited’s financial statements, download the IPO’s RHP document. 

What is 'pre-apply' for the Trualt Bioenergy IPO?

Pre-apply allows investors to apply for the Trualt Bioenergy IPO two days before the subscription period opens, ensuring an early submission of your application. 

If I pre-apply for the Trualt Bioenergy IPO, when will my order get placed?

Your order will be placed when the IPO opens for bidding, and a UPI request will follow within 24 hours.